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The Governance of the International Monetary Fund

Author

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  • Ariel Buira

Abstract

Since 1997, following the approval of the Guidance Note on Governance by the Executive Board, the IMF has given increased attention to governance issues in its member countries. In view of its influence, it is of interest to consider to what extent the Fund`s own governance meets the standards of transparency and accountability required for the good use of public resources. The paper reviews the power structure of the Fund, i.e. the distribution of quotas and the role of the Executive Board and of the staff and management in decision making. It finds that the concentration of power in a few countries impairs the transparency and political accountability of the Fund. It argues that as the changes in the world economy since the Bretton Woods Conference in 1944 have not been appropriately reflected in the quota structure some aspects of the system have become dysfunctional.

Suggested Citation

  • Ariel Buira, 2001. "The Governance of the International Monetary Fund," Economics Series Working Papers 73, University of Oxford, Department of Economics.
    • Handle: RePEc:oxf:wpaper:73
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    File URL: https://ora.ox.ac.uk/objects/uuid:82891e08-bcc8-4e3f-a4e6-fae2087a368e
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    Cited by:

    1. Paul A. David & S. Ryan Johansson & Andrea Pozzi, 2010. "The Demography of an Early Mortality Transition: Life Expectancy, Survival and Mortality Rates for Britain's Royals, 1500-1799," Oxford University Economic and Social History Series _083, Economics Group, Nuffield College, University of Oxford.
    2. Amy Blakeway, 2015. "The sixteenth-century price rise: new evidence from Scotland, 1500–85," Economic History Review, Economic History Society, vol. 68(1), pages 167-190, February.

    More about this item

    Keywords

    International Monetary Fund; international monetary system; governance of the IMF; decision making in the IMF; political control of the IMF; IMF quotas and voting power;
    All these keywords.

    JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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